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Inventories | 3 Months Ended
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Mar. 31, 2024
Inventory Disclosure [Abstract] |
Inventories | INVENTORIES Inventories are carried at the lower of average cost or net realizable value, except fair-value hedged inventories. Raw materials and finished goods inventories are valued under the first in, first out (FIFO) or weighted average cost method at the lower of average cost or net realizable value. There was a $4.2 million and $2.6 million lower of average cost or net realizable value inventory adjustment associated with finished goods in cost of goods sold within the ethanol production segment as of March 31, 2024 and December 31, 2023, respectively. The components of inventories are as follows (in thousands):
| March 31, 2024 |  | December 31, 2023
Finished goods | $ | 70,408 |  |  | $ | 73,975 |
Commodities held for sale | 25,186 |  |  | 45,898 |
Raw materials | 32,950 |  |  | 32,820 |
Work-in-process | 13,169 |  |  | 14,454 |
Supplies and parts | 49,436 |  |  | 48,663 |
| $ | 191,149 |  |  | $ | 215,810 |

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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